from staff
Despite challenging market conditions, the majority of purchasers in The Peninsula on the Southbank have closed on their condominium homes since the high-rise tower’s completion. Of the community’s 234 residences, 181 have closed, leaving only 53 units still available.
“Everything really came together with The Peninsula — the quality surpassed owner expectations and the vast majority of buyers closed on their units in spite of adverse market conditions because of their enthusiasm about the project,” said Derrick Levy of Bank of America Home Loans, The Peninsula’s preferred lender. “It was also the first North Florida development to meet the stringent requirements for FNMA approval. The community really stands apart from everything else that has happened in the industry.”
Developer American Land Ventures recently launched a redesigned Web site, www.thepeninsulacondos.com, to sell unclosed inventory at the luxury condominium community.
“The remaining inventory offers an incredible opportunity, since some of the original buyers purchased upgrades and forfeited deposits, which could potentially equate to additional value for today’s buyers,” said Granvil Tracy, president of American Land Ventures.
Closings have remained steady as The Peninsula continues to outperform the local market. Unlike many other area developments, the community has not had any short sales or foreclosures and sales velocity has increased in recent months.
Financing is readily available for buyers since The Peninsula received FNMA approval earlier this year. The guidelines require that communities are at least 70 percent closed with no more than 30 percent investor concentration and no more than 15 percent delinquencies on dues or assessments. The Peninsula has a low, one percent delinquency rate. Homeowners living in communities with higher delinquencies risk hikes in dues and assessments.
“The low delinquency rate — especially in this economy — is unheard of. When The Peninsula was completed, a lot of buyers were waiting on the sidelines fearful that if other buyers did not close, they would get stuck covering the HOA fee deficiencies,” added Levy. “Not only did most Peninsula purchasers close, but the developer is funding the HOA fees for the unclosed units. A lot of developers just walk away, but American Land Ventures is also the exception to the rule.”
The community’s redesigned Web site includes virtual tours, a photo gallery with pictures of amenities, interiors, the views and events; floor plans; an interactive area map and an overview of The Peninsula lifestyle.
The Peninsula in on Riverplace Boulevard and is the city’s tallest residential tower at 38 stories. Residences begin on the 10th floor and each home has views of the Downtown skyline and the St. Johns River.